USDJPY: recovery trend continues at 147.00
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In general, USDJPY has experienced a significant decline, dropping below the 148.48 level after reaching 150.88, marking a 0.6% decrease for the day. So what are the reasons and factors impacting this currency pair?
Regarding the influencing factors: The USD/JPY pair sharply declined to 149.50 during Wednesday's trading session in London. This asset came under pressure as the Japanese Yen strengthened following reports from Jiji news agency that some members of the Bank of Japan's Monetary Policy Committee (MPC) will support moving away from an extremely loose monetary policy stance at the March policy meeting.
Regarding the outlook for USDJPY: On the daily chart, USDJPY is currently receiving strong support around 147.75, where the 89 EMA line is acting. Breaking below this level will lead to a significant price decline, while maintaining it will result in price increase. It is anticipated that the price will continue to recover after the correction phase and retest the previous resistance level around 150.50, potentially breaking through the upper limit of the previous upward channel.
In general, USDJPY has experienced a significant decline, dropping below the 148.48 level after reaching 150.88, marking a 0.6% decrease for the day. So what are the reasons and factors impacting this currency pair?
Regarding the influencing factors: The USD/JPY pair sharply declined to 149.50 during Wednesday's trading session in London. This asset came under pressure as the Japanese Yen strengthened following reports from Jiji news agency that some members of the Bank of Japan's Monetary Policy Committee (MPC) will support moving away from an extremely loose monetary policy stance at the March policy meeting.
Regarding the outlook for USDJPY: On the daily chart, USDJPY is currently receiving strong support around 147.75, where the 89 EMA line is acting. Breaking below this level will lead to a significant price decline, while maintaining it will result in price increase. It is anticipated that the price will continue to recover after the correction phase and retest the previous resistance level around 150.50, potentially breaking through the upper limit of the previous upward channel.
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